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BinDawood Holding Co. announces its Annual Estimated Financial results for the period ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 5,602,927,544 | 4,897,027,199 | 14.41 | ||
| Gross Profit (Loss) | 1,809,787,003 | 1,437,071,445 | 25.93 | ||
| Operational Profit (Loss) | 354,268,886 | 150,996,206 | 134.62 | ||
| Net profit (Loss) | 275,066,458 | 124,732,624 | 120.52 | ||
| Total Comprehensive Income | 274,651,435 | 146,303,570 | 87.73 | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 1,399,215,736 | 1,355,055,637 | 3.26 | ||
| Profit (Loss) per Share | 0.24 | 0.1 | |||
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | Reasons for increase: In 2023, the company's revenue grew to SAR 5,602.9 million, a 14.4% increase from SAR 4,897.0 million in 2022. This growth was fueled by record-breaking sales from BinDawood and Danube stores, driven by strategies like available products quality enhancement and strategic marketing based on customer loyalty program insights. The full-year impact of subsidiaries acquired in July 2022 also contributed to the revenue rise. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Reasons for increase: In FY2023, the company's gross profit increased to SAR 1,809.8 million from SAR 1,437.1 million in 2022, with a higher gross profit margin of 32.3% compared to 29.3% in 2022. This growth was attributed to enhanced customer engagement, an improved product mix, strategic supplier negotiations, cost management, and a focus on quality output. Operating expenses ("Opex") for the full year 2023 stood at SAR 1,464.3 million, compared to SAR 1,294.7 million in 2022. As a percentage of revenue, Opex reduced to 26.1% in 2023 from 26.4% in 2022 despite cost incurred to enhance our dark store mechanism, full period impact of new stores, amortization of intangible assets incurred, full-period operating cost impact of operating subsidiaries under Future Retail for Information Technology (“FTR”) acquired in 2022 and merger and acquisitions related consultancy services. Net profit increased to SAR 275.1 million in 2023 from SAR 124.7 million in 2022, leading to a rise in net profit margin to 4.9% in 2023 from 2.5% in 2022, primarily due to higher revenue and gross margin as explained above. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | These estimated financial results for the year ended December 31, 2023 are prepared by the management of the Company and have not yet been audited by the external auditor. |
| Reclassification of Comparison Items | None |
| Additional Information | 1. Earnings per share for the two years presented are calculated based on the number of shares of the company amounting to 1,143 million shares after splitting each share into ten shares as decided by the Extraordinary General Assembly held on June 22, 2023. 2. Non-current assets decreased by 1.2% in FY23 driven mainly due to a decline in right-of-use assets which is partially offset by an increase in net fixed assets, intangible assets and goodwill. 3. Current assets increased by 9.7% in FY23 due to an increase in inventories, trade and other receivables, prepayments and advances and Cash and cash equivalents which are partially offset by the decline in due from related parties balances. 4. Current liabilities were increased by 13.9% in FY23 due to an increase in Trade payables, accruals and other liabilities, unearned income and other payables, due to related parties and zakat liabilities which are partially offset by the decrease in lease liabilities – current portion. 5. Non-current liabilities were reduced by 3.8% in FY23 due to lease payments which is partially offset by an increase employees’ end of service benefits. 6. Shareholders’ equity increased by 2.7% driven by an increase in retained earnings. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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